(For a Reuters live blog on U.S., UK and European stock

markets, click LIVE/ or type LIVE/ in a news window.)

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Futures up: Dow 0.6%, S&P 500 0.8%, Nasdaq 1%

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Powell's congressional testimony to start at 10:00 a.m. ET

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Atlanta Fed chief says no rush to cut rates

(Updates with prices)

By Kanchana Chakravarty and Nikhil Sharma

June 24 (Reuters) - U.S. stock index futures rose on

Tuesday as President Donald Trump announced a ceasefire between

Israel and Iran, calming investor nerves after the 12-day

conflict hurt global risk assets and fanned inflation concerns.

Investors are also awaiting Federal Reserve Chair Jerome

Powell's congressional testimony later in the day for clues on

the near-term path for interest rates, as inflation is

expected to accelerate

in the coming months.

Trump's ceasefire announcement sent oil prices

to a two-week low as supply concerns triggered by the Middle

East conflict eased. U.S. energy stocks dipped in tandem before

the bell, with Chevron ( CVX ) and Exxon down about 1%

each.

Defense stocks Lockheed Martin ( LMT ) and RTX Corp ( RTX )

fell 1.5% and 1.4%, respectively.

Trump's call for a truce marked a sharp turnaround after the

U.S. bombed Iranian nuclear sites over the weekend and Iran

retaliated by firing missiles at a U.S. base in Qatar.

Hours after the ceasefire declaration, however, Israeli

Defence Minister Israel Katz said Iranian missiles were fired in

violation of the agreement and he had ordered the military to

strike Tehran in response. Trump accused both countries of

violating the ceasefire.

"Stocks remain significantly bullish considering everything

else that's going on," said Daniela Hathorn, senior market

analyst at Capital.com.

"Markets just don't think that this is going to be bad

enough to escalate into wider regional conflict or lead to any

impact on economies or global markets."

At 07:43 a.m. ET, Dow E-minis were up 265 points, or

0.62%, S&P 500 E-minis were up 46 points, or 0.76%, and

Nasdaq 100 E-minis were up 220.75 points, or 1%.

The benchmark S&P 500 index remains about 2% below

its all-time highs.

Powell's congressional testimony is scheduled at 10:00 a.m.

ET.

The top Fed policymaker has been on the receiving end of

Trump's criticisms for not cutting interest rates, with the

President hinting at firing Powell or naming a successor soon.

Atlanta Fed President Raphael Bostic told Reuters the

central bank doesn't need to cut interest rates soon, as

companies plan to raise prices due to higher import taxes and

the job market is still strong.

In contrast, Fed Vice Chair Michelle Bowman on Monday backed

the resumption of the policy easing cycle in July.

Market participants are pricing in at least two 25-basis

point rate reductions before year-end, with the first cut seen

in September.

Several central bank officials, including Fed Board Governor

Michael Barr and Fed Minneapolis President Neel Kashkari, are

also scheduled to speak later in the day.

Consumer confidence data for June is due at 10:00 a.m.

ET.

Focus later this week will be on the Commerce Department's

final take on first-quarter GDP and its Personal Consumption

Expenditures (PCE) data.

Megacap and growth stocks were trading higher, with Tesla

shares leading gains, up 2.3%. Google-parent Alphabet

rose 1.3% while Amazon.com ( AMZN ) was up 1.7%.

Shares of crypto companies rose after bitcoin hit a one-week

high. Coinbase Global ( COIN ) was up 1.8% and Strategy

advanced 1.4%.

Package delivery firm FedEx ( FDX ) was up nearly 1% ahead

of quarterly results due after the closing bell.

(Reporting by Kanchana Chakravarty in Bengaluru; Editing by

Devika Syamnath)